HomeNewsPlug Power plans $6-B hydrogen projects in Finland

Plug Power plans $6-B hydrogen projects in Finland

5/30/2023

(Reuters) - Plug Power Inc, a U.S. maker of hydrogen fuel systems, said on Tuesday it aims to build three plants in Finland costing some $6 B to produce green hydrogen and ammonia for the European market.

The company said it was in talks with potential financial investors and debt providers and aims to find industrial partners to secure offtake for its planned production ahead of a final investment decision in 2025 or 2026.

Plug had spent two years searching around the world for the right locations, CEO Andy Marsh told Reuters on the sidelines of a presentation in Helsinki.

"When you look at the Finnish grid, it's 87% renewable already. That really makes it much simpler and straight-forward to generate green hydrogen," Marsh said.

Of the overall investment, 25% would come in the form of equity and 75% from debt, he added.

Marsh did not say how much of the equity was expected to come from financial investors.

The company said it had secured access to land near three port cities for the construction of a plant for liquid hydrogen and ammonia, a facility to generate hydrogen for green steel and a site to make hydrogen for transportation.

The company would employ some 1,000 people and produce around 850 tons of hydrogen per day, it said.

Plug Power's shares rose in premarket trade.

Related News

Comments

{{ error }}
{{ comment.comment.Name }} • {{ comment.timeAgo }}
{{ comment.comment.Text }}